In an earlier statement Barry said the interim board of Shaun Grady, Graham Daniels and Steve Chamberlain would remain in place.

He also said there wasn't going to be a windfall in money for player signings but a target of financial stability , and that a new stadium was at the "heart" of the U's plans going forward.

Barry, who is from Cambridge but is based in the US, spoke to the BBC Radio Cambridgeshire's Chris Mann about his plans for the club.

You can follow updates from the interview below as it is broadcast.

10:48Tom Pilgrim

Cambridge United will become bigger and better

Last’y Paul says he wants Cambridge United to be community focused.

“I want it to be a community based football club that does wider work in the community over all,” he says.

“Cambridge United can and will become bigger and better by doing all those three things.”

10:46Tom Pilgrim

New stadium to cater for all fans

Secondly, Paul says he wants a new stadium for the U’s that caters for a full range of fans, from corporates to families.

He says: “[I’m] looking towards a new stadium that’s fit for purpose, serving the greater Cambridge area for all types of fans.”

10:43Tom Pilgrim

Ambitions for League One

Talking about the three elements of his vision for the U’s Paul Barry firstly says: “I would like to look forward and think that the football club I’d like us to play at a higher level of football - definitely up to League One.”

10:39Tom Pilgrim

Travelling fan

Paul goes on to describe his longest standing support for Cambridge United and how he followed the club’s games across the country.

He says: “Football clubs just grow upon you and suddenly become a part of you. I used to follow the U’s all the way back in the 70’s.

“When I went to university in London I used to go every Saturday to home and away games via trains.”

Paul’s says he tells his children that football got him involved in the travel business because one of his first jobs was in New York working for British Rail.

“I could put a rail network faster than anybody who had been doing the job for 10 years because I’d traveled all over the country,” he jokes.

10:35Tom Pilgrim

Family connections

Paul talks about watching the U’s most recent game alongside his mother.

She goes to every home again since Paul’s father died last year. Paul’s brothers also frequently go to games.

“I was sitting next to my mother and my brother,” he says. “Incognito yes, that’s how I’ve come to most of the games the last few years.

“I like being a fan as well. Sometimes sitting in a directors box there’s too much spotlight on you. For those 90 minutes you want to be a fan.

“You get to feel the passion of the fans. I enjoy it.”

10:33Tom Pilgrim

Yearly six-figure investments

Paul Barry refuses to put an exact figure on how much he’s put into the club.

“It’s not a seven figure sum, it’s a significant six figure sum,” he says.

Is he prepared to put more? “Yes. I will support the club

“On a yearly basis that will be in the six figures if necessary. I don’t want the club to be reliant on constant capital injections. It needs to be self-sustaining over a life cycle of a football club.”

10:30Tom Pilgrim

'It's a business'

Paul is asked how his new tenure at the helm of the club will differ to his last stint as chairman.

“It’s a complete different club to what it was five years ago,” he says.

“I’m not running it as a chairman would in the old fashion sense. It’s a business now. It requires a group of people to run the club in the best interests of the wider community.

“I feel as though at this time I don’t need to run the club as a owner, there is a good set of people here, some very experienced in business people.

“I can provide funding from afar and some general guidance.”

10:20Tom Pilgrim

Aiming to develop Abbey ground

Paul Barry touches on ambitions to development the Abbey stadium in Cambridge. He even says this could entail the club moving away from the ground “for a short period”.

He explains the plans will need “some funding”.

“I’m fortunate I have the funds to be able to help the club I love,” he adds.

10:18Tom Pilgrim

Flew in from Seattle

Paul Barry flew over from Seattle in the US to be at the ground on Friday night’s game against Lincoln City and reportedly sat ‘incognito’ among the fans rather than the director’s box.

10:17Tom Pilgrim

'Honour and a privilege'

Chris Mann asks Paul how he feels about being the new owner of the U’s.

“It is an honour and a privilege,” he says. “This is my home town and always will be.”

He explains he has been supporting United since coming as a boy in the 1960s.

10:15Tom Pilgrim

'Emotional satisfaction'

Paul explains he recently converted a loan to the club in shares. Why?

He says: “Emotional satisfaction, helping out the club that I love. Cambridge United I’ve always had a vision for the club to be the centre point around Cambridge of where community , sports, business can meet.”

10:03Tom Pilgrim

BBC interview with Paul Barry

New Cambridge United owner Paul Barry has outlined his plans for the club to BBC Radio Cambridgeshire’s Chris Mann